Tesco is rolling out its instant travel insurance product to all
650 of its UK supermarkets as part of the retailer's plans to generate
greater checkout revenues from its financial services division.
The product, which customers can purchase at the checkout, has been on
trial in seven stores over the past few months. Tesco is now planning to
extend the initiative to underline the company's growing commitment to
its Tesco Personal Finance (TPF) arm.
Tesco is also looking at selling other financial products, including
loans, motor and home insurance, at the checkout, though definite plans
have yet to be confirmed.
TPF, which launched in July 1997, has more than two million customers,
allowing them to pay in cheques at supermarket tills. Products include
the Tesco Visa card, instant access savings account and ISAs.
TPF is a joint venture between Tesco and The Royal Bank of Scotland.
Although every main store provides TPF information, most customers can
only access them via internet or telephone.
The launch, which will take place over the next few months, is being
overseen by TPF head of insurance Paul Baxter and marketing director
"The trial has been successful and we now want to see how popular the
travel insurance will be at the checkout in our stores around the
country," a TPF spokeswoman said. "There are no definite plans to do the
same with any of our other insurance products, but it is something we
are looking into."
The spokeswoman added that TPF had a commitment to providing value for
money, convenience and quality service to its customers, and that a
retail environment was one way to achieve that.